Sir Fred Goodwin may now be just plain Mister Fred Goodwin. But while his successor, Stephen Hester, has been forced to give up his bonus again, Goodwin at least has his money to console himself.
Using RBS company reports, the UK bank said it had paid out more than £20m in salary and bonuses as chief executive between 2000 and his departure in 2008, including through "profit shares".
In addition, Goodwin continues to earn around £342,500 per year for his pension – which is nearly one-third of Hester's total 2011 remuneration.
Stephen Hester and RBS declined to comment. Fred Goodwin could not be reached for comment.
RBS chief executive from March 6, 2000, to October 2008
2001: £733,000 salary, £825,000 bonus
2002: £832,000 salary, £1.73m bonus
2003: £898,000 salary, £990,000 bonus
2004: £990,000 salary, £1.5m bonus
2005: £1.09m salary, £1.76m bonus
2006: £1.19m salary, £2.76m bonus
2007: £1.29m salary, £2.86m bonus
2008: £1.3m salary, no bonus awarded
Pension pot: Worth £342,500 per year (although this was cut from £703,000 per year)
RBS chief executive from October 2008 to present
2008: £1.2m salary, declined bonus.
2009: £1.2m salary, declined bonus
2010: £1.2m salary, accepted a bonus of £2.04m in shares. These shares are now worth approximately half, according to an RBS spokeswoman.
2011: £1.2m salary, Hester declined his £963,000 bonus in RBS shares
Total: Around £6m in salary and shares.
Hester also received a "golden hello" of 10.4 million shares worth £5m. He has sold almost half and now has 5.4 million shares which, at the current share price, are worth £1.45m
Pension pot: Worth £420,000 per year
This story first appeared on Financial News.
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